Product and Merchandise are synonymous

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1 VIRTUAL BUSINESS Retailing, Knowledge Matters Standards: Culmination of Entrepreneurship, Management, and Marketing standards covered through the course of the year. Essential Question: What do I need to consider when opening and operating a retail business?

2 PRODUCT Explain the importance of product choices in retailing Use surveys to determine most popular products Be able to change product mix and interpret sales results Manage product selection to achieve profit goals

3 Product and Merchandise are synonymous Marketable Items: Attract customers to your store and are easy to sell. Examples would depend upon the type of store you operate. Consumability: Used by eating, drinking, or using *Consumable products generate repeat business Perishable: items with expiration dates ex. a loaf of bread or vitamins

4 Seasonal Items: Products typically purchased in larger quantities during a given period of time. Example- Frozen Turkeys in November Price Points: The typical price that goods are sold. Example- Ralph Lauren clothing would be said to have a High Price Point. Transactional Selling: Involves quick sales without attempting to build a significant long term customer relationship. More common with businesses that offer generic products. Example- Target and Stater Bros. Consultive Selling: Working with a customer to determine his or her needs. Example- The Apple Store or a car dealership Big Box Retailers: A large retail store whose physical layout resembles a large square or box. Big-box stores often can offer lower prices because they buy products in high volume. How can small stores compete with big box retailers?

5 Place location, location, location.. Understand the concept of cost per square foot Be able to compare amount and cost of space at different locations Assess the types of customers around a given location Assess potential locations given competitor locations Choose a store location that will yield a profit

6 Understand the concept of cost per square foot Be able to compare amount and cost of space at different locations Assess the types of customers around a given location Assess potential locations given competitor locations Choose a store location that will yield a profit PLACE

7 Business District: An unenclosed shopping area developed without much planning and featuring a variety of stores Trade Area: A business's geographic surroundings, which provides most of its customers Choosing a location consider: Traffic, Convenience, and Visibility Other Considerations: Zoning Laws, Availability of Workers, Possibilities for Expansion

8 Leasing a Building: Negotiating Rent Amounts 1. Fixed Rate Lease- Fixed monthly fee to lease the building. This type of lease is used least often. This is usually used in conjunction with one of the agreements below 2. Percentage Lease- Based off a percentage of sales typically 7% above the fixed rate you pay monthly, usually after you reach a specified amount of sales. Typically rather large stores fall into this category or those with hefty revenue. *With a Percentage lease your Fixed Rate Lease amount will decrease as your sales increase. 3. Triple Net Lease- The tenant or lessee pays the fixed rate plus 1. Property Taxes, Property Insurance, and Property Maintenance

9 PRICE Explain the relationship between price, cost, and margin Explain how prices and sales volume is related Find a price that maximizes profit by generated reasonable volume and reasonable margins Define a loss leader Set prices across all products to achieve a profit goal

10 Cost: The amount paid to suppliers for merchandise Margin: The number you get when subtracting an items cost from its selling price. Example Cost of a pencil is $0.10 Selling price is $0.50 Margin would be $.40 Law of Supply and Demand: As the supply of an item decreases the demand increases. As demand increases price increases Example- Zuzu Pets and and most recently in the past 3 years Twinkies Loss Leaders: Retailers sell a product for less than their cost to attract more customers to come into the store. Often times car dealerships use this tactic.

11 Market Share: The percentage that a store has of the total sales in its trading area for that particular product type Sherman Antitrust Act: Prevents Monopolies and Price Fixing

12 PROMOTION: TRADITIONAL MEDIA Understand promotion as a key element of the marketing mix Identify different types of promotion Track revenue and expenses associated with promotional activities Be able to compare efficiency of promotional campaigns Choose promotional means to achieve business goals

13 Traditional Marketing: Involves Personal Selling and Print Media such as Billboards, sales promotions through coupons, flyers, newspapers, magazines, and direct mail. *A goal of a promotion they should specific and clearly stated. *These forms are meant to enhance revenue and increase the store s image. Promotional Mix: The combination of the types of promotion a business uses.

14 Budget for a promotion: Promotional budgets are typically determined by using a percentage of a business's net sales. Bait and Switch: Advertising a low-priced product in order to lure customers into buying a high-priced product. The Federal Trade Commission: The government agency in charge of enforcing advertising laws.

15 PROMOTION: Identify different sources of address lists Understand the importance of subject lines and offers in marketing Track and analyze response metrics Avoid spam reports by properly spacing s Use promotion to achieve profit goals

16 s. A good way to promote your business? Lists: 2 Ways to generate lists 1. Collecting Addresses on your own (Internal Lists) Advantages? 2. Purchasing a list from a third party Advantages?

17 CAN-SPAM Act of 2003: Require "unsubscribe" links in all marketing s Hard Bounce: An returned because an address does not exist or has been closed What can be done to minimize this??? Total Opens The count of recipients who actually open your marketing campaign's message Response Rate for s: Even 1 % is considered acceptable Why?

18 Loyalty Program: Any kind of marketing strategy that creates loyal customers Examples????

19 STAFFING, SELLING, AND CUSTOMER SERVICE Explain several different job functions within a retail store List the problems that can result from understaffing at each position Discuss why some retail establishments staff salespeople while others don t Understand the expense/revenue tradeoff of staffing decisions Adequately staff a retail store to achieve a profit goal

20 Staffing: The selection and training of individuals for specific job functions, and charging them with the associated responsibilities Staffing Level: The number of workers assigned to jobs at a particular time Equal Opportunity Employment Laws: Protect employees from discrimination because of gender, race, religion, national origin, age, or disability Employee Compensation Laws: Determine minimum wages, the 40-hour work week, and overtime pay

21 UNDERSTAFFING VS. OVERSTAFFING Understaffing Long Lines Shoplifting??? Overstaffing High Labor Costs Each employee tends to be less productive??? How do you deal with it? How do you deal with it?

22 PURCHASING AND INVENTORY CONTROL Explain why purchasing is essential to a retail business Understand target inventory levels Explain the tradeoffs between purchasing too much and too little Set custom purchasing policies for rapidly expiring items Manage purchasing for efficiency and customer satisfaction

23 Inventory, Merchandise, and Stock: Synonyms A Buyer for a company purchases merchandise for a business to sell Open to Buy : The amount of money available for purchasing new inventory A Vendor is a business that sells merchandise to retail stores for resale

24 A vendor sells merchandise to a retailer at a wholesale cost. The retailer then marks-up the cost of the product to the end consumer; therefore, making a profit. Vendors must: Deliver product on time with little to no damage. Each delivery must include an invoice. Invoice: Lists the items and quantities in a delivery

25 Inventory Control: A position(s) in a business that ensures stock is in good condition, reviews expiration dates, and keep measure over stock turn-over. Stock Turn-Over: Measures how often stock is sold during a given time period. A good inventory control system should be a physical and in constant check (perpetual).

26 MERCHANDISING Define merchandising in a retail store Identify items that are likely needs Identify items that are likely impulse purchases Identify items that are likely complementers Describe strategies for placing needs, impulse items, and complementers Use merchandising principles to improve the revenue of a business

27 Merchandising: The activity of promoting the sale of goods at retail. Needs: Examples??Loaf of Bread Staples: Examples?? Canned goods Impulse: Examples?? Candy Bar Complementary: Examples?? Computer Printer

28 Types of retail store layouts: Loop

29 Types of retail store layouts: Grid

30 Types of retail store layouts: Spine

31 Fixtures: The primary purpose is to display merchandise POP Displays: Usually found near the front of the store and are provided by the manufactures. Example: Coca Cola stacking 12 packs to look like an End Zone during football season

32 SECURITY AND RISK MANAGEMENT Explain the importance of security in a retail business Given different options for increasing security Analyze the cost-effectiveness of a security system Plan store security to achieve profit goals

33 Shrinkage: The loss of inventory that can be attributed to factors including employee theft, shoplifting, administrative error, vendor fraud, damage in transit or in store and cashier errors that benefit the customer. Shrinkage is the difference between recorded and actual inventory. Retailers loose over 40 Billion Dollars every year due to shrinkage! Half of this shrinkage is due to employee theft- Internal Theft Normal shrinkage for a retailer is 1%-5% Shrinkage is calculated after a physical inventory is taken Shrinkage is based off of Book Value: The amount of money inventory is shown to be worth in the business's records

34 FINANCING AND BUSINESS PLANNING Understand that most business require substantial financing (capital) to get started Be able to estimate start-up costs for a business Monitor cash levels to determine adequacy of financing Extrapolate from a small business to a larger business when estimating financing needs Acquire adequate financing to start a business while minimizing financing costs

35 What are the Start-Up Costs? Answering this critical question of how much money it will take to get the venture started in a business plan. These are the costs associated with opening and operating a new business for 1 year. You can have a great business idea and start strong, but run out of resources quickly if you do not estimate your start-up costs correctly. Examples of Start-Up Costs: Inventory, Fixtures, Cash Registers, Computers, Inventory, Building costs, Marketing, Don t forget the cash-on-hand needed to operate for one year, etc.

36 Gathering the funds to open a business: Usually the majority comes from your personal savings, family, and friends. Other options to fund your business idea.. 1. Small Business Loans- Principal: The total amount of the loan. The loan agreement should always include the Principal, Interest Rate, and Payment Terms/Schedule 2. Venture Capitalists- Professional Investors. They usually require Equity, (part ownership) in the business in return for the loan.

37 Balance Sheet: A summary of Assets and Liabilities of a business or an individual Asset: Any property that has value available to meet a debt or payment. Examples- Savings Account, Equipment, Office Furniture, Building, Stocks, etc Liability: Legal debts a company or individual is obligated to pay. Examples- Loans, Mortgages, Accounts Payable, and other expenses Net Worth: The difference between Assets and Liabilities

38 Balance Sheet

39 RETAIL MOGUL Teams will be challenged to build a retail grocery business from the ground up. You must choose a location, design the store layout, staff the business, choose products to carry, set prices, and more. You ll start in the same city and pursue a specific profit goal. The class scoreboard is turned on so teams can compare their profitability to teams in the class.

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